This term is commonly used by information technology (IT)/Information technology enabled services (ITES)/business process outsourcing (BPO) companies and technical/professional services firms that manage data processing, application testing and software development activities in this domain.

The global BFSI Industry faced serious turmoil during the early 21st century, when a series of crisis like 'Subprime mortgage crisis' in US, and the Great Recession worldwide, that began in Q3-2008 and ended in Q1-2009, gave a huge setback, resulting into negative growth. But reports says that the industry is now coming back on track, and is gaining pace on a path of recovery.